Santa Barbara Real Estate through the end of August ‘14 for Montecito, Hope Ranch, Santa Barbara, Goleta, Carpinteria and Summerland
SINGLE FAMILY HOMES: This is an analysis of the Santa Barbara Real Estate market including Carpinteria/Summerland, Montecito, Hope Ranch, downtown Santa Barbara and Goleta through the month of August 2014. For the Home Estate/PUD market sales remained strong for the month coming in with 96 closings up from the 90 we saw in July. The Median Sales Price also rose to about $1.4 million from $1.17 million which is where we ended July while the days on the market for sold properties went to 50 from the 49 we saw in the previous month. The opened escrows also went up from 96 in July to 108 in August while the median list price on those escrows went down to about $1 million from $1,324,000 in July. There were approximately 140 new listings that came on the market in August with a median list price of roughly $1.2 million and an average list price of about $2.24 million with the overall inventory rising from about 315 units for sale at the end of July to 330 at the end of August.
Year over year sales are down about 20% with the median sales price up to roughly $1,165,000 for a 24% rise. The average sales price is also up going from just over $1.4 million in 2013 to approximately $1.8 million in 2014 but the numbers of escrows are down about 17% with the median list price on those escrows up over 25%
Looking at the Districts, Carpinteria/Summerland sales are down from 72 to 49 but the median sales price is up from $850,000 to $1,000,000. The numbers of escrows are also down from 80 to 60 with the median list price on those escrows rising from $860,000 last year to $1,102,500 this year.
For Montecito, sales are down going from 165 to 147 with the median sales price rising from $2,424,000 to $2,800,000. Escrows are also down going from 175 to 151 but the median list price on those escrows is up from $2.495 million to $2.85 million.
East of State St sales are down going from 228 in ’13 to 199 in ‘14 but the median sales price is up from $970,000 to $1,225,000. The escrows are also down going from 225 to 205 with the median list price on those escrows rising from $999,000 last year to $1,295,000 this year.
West of State St sales are down from 187 to 155 but the median sales price is up from $867,250 to $950,000. The numbers of escrows are also down with 204 in ’13 compared to 161 in ‘14 but the median list price on those escrows is up from $885,000 last year to $912,000 his year.
Hope Ranch sales are down from 25 to 24 but the median sales price is up from $1.914 million to $2.812 million. The numbers of escrows are up however with 20 last year compared to 26 this year and the median list price on those escrows is up from $2.027 million in ’13 to $2.9 million in ‘14.
Goleta South sales are down with 84 last year and 55 this year but the median sales price is up from $705,000 to $758,800. The numbers of escrows are also down from 80 to 59 with the median list price on those escrows rising from $699,000 to $750,000.
Goleta North sales are down with 148 in ’13 and 104 in ’14 with the median sales price rising from $772,500 to $851,000. The numbers of escrows are also down from 151 to 129 with the median list price on those escrows going from $775,000 to $849,500.
***Courtesy of the SBMLS